In a 4% unemployment market, retaining your existing employees becomes more important than ever. The latest studies suggest companies lose $15,000 on every employee that walks out the door. Losing employees is both costly and difficult; even finding top talent in today’s competitive marketplace is a challenge
Let’s look at how companies can work to retain their existing talent while still launching a hiring initiative in 2020.
Employee Retention 101
If you’re losing employees, the first thing to do is to pay attention to the comments from their exit interviews. If you’re not conducting these important HR functions, you certainly should, and these use the details to improve your ability to retain workers longer. You can also conduct “stay interviews” with your long-term employees to determine what keeps them on the job. These interviews will lay the baseline for your employee retention strategies for the future.
Do your employees understand what is expected of them? If they don’t the chances are high that they will become frustrated later on. Constantly changing expectations increase employee stress. Consider these questions:
- Do your employees have clarity on company and departmental expectations?
- Do they understand daily tasks and deadlines?
- If they can’t meet a deadline, do they have resources available to help them succeed?
- How often do you give and receive feedback about employee and management performance
Setting a framework for employees will keep them in the rails and allow them to measure their performance toward goals. It will give them a sense of accomplishment when they succeed. It will also not take them by surprise when they fail to perform within accepted guidelines.
Work with Your Managers
People still leave jobs because they’re unhappy with their managers. Many times employees become managers simply because they’ve outlasted everyone else. Make sure your management team also understands what is expected and has the training to run their departments effectively.
Allow Free Thinking and Innovation
Employees engage when they feel like their voices are heard. Providing a platform for your employees to share their ideas without ridicule is so important for engaging them in the long-term success of the organization. Making the effort to invite your workers to give feedback and share suggestions and you will give them a sense of ownership in your organization.
Leverage Your Employee’s Hidden Talents
You can motivate your employees by simply inviting them to share their skills and talents. Motivated employees have skin in the game, and are interested in contributing to the team beyond their job description. This will keep them from becoming bored from the same routine day in and day out. As a bonus, your organization will highly benefit from their motivation and their talent.
Use Blackstone To Find Top Talent
If your organization is in growth mode or is seeking to replace employees due to some turnover, consider tapping into the skills and networks of the Blackstone team. We know how difficult it is to find talent these days; recruiting is a full-time job. Talk to our team to source and retain top talent in the New Year.